Future Fund LLC's managing director, Gary Black, has weighed in on Tesla Inc.'s (NASDAQ:TSLA) Full Self-Driving (FSD) system, hailing its progress.Check out the current price of TSLA here.A Huge Step UpTaking to the social media platform X on Saturday, the investor hailed Tesla's progress in the autonomous driving sector. "The $TSLA FSD community tracker shows FSD v14 at 1,677 miles per critical disengagement – a huge step-up vs v13," Black said in his post.A critical disengagement occurs when the FSD syste ...

Core Points - The public feud between Elon Musk and Sam Altman has escalated, with Musk accusing OpenAI of theft, which has intensified their ongoing dispute [1][2] - Altman defended OpenAI's structure, claiming it is essential for its success and emphasized his role in transforming it into a significant non-profit organization [2][3] - Musk's accusations included references to internal conflicts within OpenAI's leadership, highlighting divisions among executives and criticizing Altman's management style [3][4] Group 1 - Musk's accusation of theft against OpenAI was a response to Altman's cancellation of a Tesla order, reigniting tensions between the two [1][2] - Altman stated he helped turn OpenAI into what should be the largest non-profit ever, countering Musk's claims [2][3] - The feud has included discussions about Tesla's handling of Altman's Roadster order and refund issues, further complicating their relationship [4][5] Group 2 - Musk referenced a deposition in his lawsuit against OpenAI, which alleges that Altman created divisions among executives and failed to address leadership conflicts [3] - The ongoing public exchanges between Musk and Altman reflect a broader rivalry in Silicon Valley, with both figures holding significant influence in the tech industry [4]

28 October 2025 China Semiconductors China Smart Driving Chips: Competitive dynamics and key suppliers deep dive for L2+&above NOA segment Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com Francis Ma +852 2123 2626 francis.ma@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com Juho Hwang +852 2123 2632 juho.hwang@bernsteinsg.com China smart driv ...

Core Insights - Tesla is at a critical inflection point, focusing on integrating AI into its operations and emphasizing its leadership in real-world AI applications [1] - The company is poised for massive growth through full self-driving technology and robotaxi services, which Musk predicts will transform transportation [1] - Tesla's energy storage solutions, including Powerwall and Megapack, are significantly enhancing energy generation capabilities [1] Financial Performance - Tesla reported record performance metrics, including a 29% increase in automotive revenues aligned with delivery growth [1] - Free cash flow for the quarter reached approximately $4 billion, contributing to total cash and investments exceeding $41 billion [1] Autonomy and AI Development - The company anticipates achieving unsupervised full self-driving capabilities in large parts of Austin by the end of the year [1] - Version 14 of the Full Self-Driving (FSD) software is described as a major architectural update focused on safety and comfort [1] - The new AI5 chip is projected to be 40 times better than its predecessor, with significant improvements in performance per watt and per dollar [1] Robotics and Future Vision - Musk envisions scaling Optimus production dramatically, potentially reaching 50 to 100 million units, which he refers to as "the infinite money glitch" [1] - The humanoid robot is expected to revolutionize productivity, making work optional for many [1] Governance and Shareholder Engagement - Musk expressed concerns about governance and the potential impact of external recommendations on the company's leadership [1] - The CFO urged shareholders to support Musk's leadership in the upcoming vote, emphasizing its importance for Tesla's future [1]

Group 1: Market Overview - Futures tied to the Dow Jones industrial average rose 107 points, or 0.22%, while S&P 500 futures were up 0.28% and Nasdaq futures added 0.30%, indicating a positive market sentiment ahead of significant events [1] - The yield on the 10-year Treasury fell 1.8 basis points to 4.083%, and the U.S. dollar increased by 0.06% against the euro and 0.16% against the yen, reflecting currency market dynamics [1] Group 2: Commodities - Gold prices dipped 0.11% to $3,992 per ounce, while U.S. oil futures rose 0.64% to $61.37 a barrel, and Brent crude climbed 0.62% to $65.17 as OPEC+ indicated a pause in production increases for the next year [2] Group 3: Legal and Regulatory Developments - The Supreme Court is set to hear arguments regarding President Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs related to the fentanyl trade, with lower courts having ruled against him [2][3] - Treasury Secretary Scott Bessent expressed optimism about the Supreme Court ruling in favor of the administration, citing China's export curbs on rare earths as a significant concern for various industries [3] Group 4: Tesla's Compensation Plan - Tesla shareholders will vote on Elon Musk's $1 trillion compensation package at the annual meeting, with Chairwoman Robyn Denholm emphasizing the need for the package to retain Musk's leadership and prevent significant value loss for the company [4][5] - If approved, Musk could receive over 420 million Tesla shares contingent on achieving ambitious growth targets, including the delivery of 20 million vehicles and 1 million robotaxis [5] - Musk indicated that the compensation proposal is about maintaining influence over Tesla's future developments, particularly in artificial intelligence and robotics [6] Group 5: Political Landscape and Economic Data - Upcoming elections in New York City, New Jersey, and Virginia may influence the political landscape in Washington, potentially leading to a resolution of the government shutdown and the resumption of economic data releases [6][7] - The reopening of the government would allow for the flow of economic data, which is currently limited to private-sector sources [7]

Core Viewpoint - The company's aggressive production ramp-up is predicated on the successful realization of unsupervised full self-driving (FSD) technology and robotaxis, which are critical for unlocking value for investors and Tesla EV owners [2][3][5]. Production and Financial Projections - CEO Elon Musk has indicated a strong commitment to expanding production based on the belief that unsupervised FSD will be achieved, stating that clarity on this goal justifies rapid production increases [7][10]. - The company plans to significantly increase capital spending in 2026, from an estimated $9 billion in 2025, to support growth initiatives including investments in AI and Optimus robots [10]. Robotaxi and FSD Importance - The success of robotaxis and unsupervised FSD is essential for generating recurring revenue through ride-per-mile charging and enhancing the value of Tesla EVs [5][11]. - The rollout of robotaxis is expected to expand from initial locations to additional states by the end of the year, indicating a strategic push towards broader market penetration [6]. Risk and Reward Dynamics - The company's production plans are inherently risky, as they rely on the successful implementation of robotaxis and unsupervised FSD; failure to achieve these could jeopardize future earnings and cash generation [8][9]. - Conversely, if the technology is successful, the potential rewards for investors could be substantial, positioning Tesla as a higher-risk, higher-reward investment opportunity [11][13]. Market Position and Valuation - Tesla's valuation is not solely based on its status as an electric vehicle manufacturer but heavily relies on the anticipated success of its robotaxi and FSD initiatives [2][4]. - The company's stock may appeal to investors seeking aggressive growth opportunities, particularly if it can eliminate safety drivers in robotaxis, which would further derisk the investment [14].

Core Insights - Nvidia's stock has surged 1,390% over the last three years, with a $10,000 investment in October 2022 now worth $148,800 [2] - Despite Nvidia's current dominance in the GPU market with over 90% market share, competition from companies like Advanced Micro Devices (AMD) and various tech giants developing in-house chips may pressure Nvidia's revenue in the coming years [3][4] Nvidia's Competitive Landscape - AMD has signed a deal with OpenAI to supply GPUs, indicating increased competition in the GPU market [3] - Major companies such as Alphabet, Amazon, Microsoft, Meta Platforms, and Tesla are also developing their own chips, which could further erode Nvidia's market share [3] TSMC's Position and Growth - Taiwan Semiconductor Manufacturing Company (TSMC) is a key player in semiconductor fabrication, producing chips for Nvidia and its competitors [5][6] - TSMC holds approximately 70% of the semiconductor fabrication market and is essential for companies looking to manufacture advanced chips [6] TSMC's Financial Performance - TSMC's revenue is experiencing significant growth, with a year-over-year increase of 36% [10] - Monthly net revenue consistently exceeds $10 billion, with projections for Q4 revenue between $32.2 billion and $33.4 billion [11][12] Future Outlook for TSMC - TSMC is investing $165 billion to expand its fabrication capacity in the U.S., which is crucial for U.S. companies seeking to mitigate tariff impacts [8][9] - The company plans to mass-produce 2 nm chips, further solidifying its position in the semiconductor market [5] Conclusion - TSMC is positioned to outperform Nvidia over the next three years, as it fabricates chips for both Nvidia and its competitors, ensuring continued demand regardless of market share shifts [4][14]

Core Insights - Tesla's robotaxi ambitions are generating excitement despite some disappointments in earnings [1] - The market is increasingly viewing Tesla as a tech company rather than a traditional automaker [2][7] Valuation and Market Position - Tesla's price-to-sales ratio is significantly higher than that of other automakers, trading above 16 times earnings, indicating a premium valuation typically associated with tech firms [3][7] - Despite a projected decline in sales this fiscal year, Tesla continues to maintain a high market cap of $1.518 trillion [5][6] Sales and Market Dynamics - Tesla is experiencing sales declines of up to 40% in certain regions, even as overall EV sales rise [5] - The loss of federal subsidies has impacted the EV industry, which previously contributed billions in profits to Tesla [5] Robotaxi Development - Elon Musk has made ambitious predictions regarding the rollout of Tesla's robotaxi service, aiming for "millions" of robotaxis by the end of 2026 [11] - The company plans to expand its robotaxi service to eight to ten cities by the end of the year [11] Competitive Advantage - Tesla's control over its production processes and significant investments in AI position it favorably in the robotaxi market [12][13] - Analysts believe that Tesla's vertically integrated business model and access to capital could enable it to capitalize on a potential $10 trillion global opportunity in autonomous vehicles [15]

Tesla - Tesla will hold a shareholder meeting to vote on Elon Musk's proposed $1 trillion pay package and the company's future direction [2][3] - The meeting will include updates on critical initiatives such as the robotaxi network pilot, Cybercab program, Tesla Semi production ramp, and advancements in next-generation battery technology [3] - The compensation package for Musk is proposed to be paid in shares over twelve tranches based on performance goals, which would increase his voting power to 25% [4] - Analysts express skepticism about the full realization of Musk's pay package but acknowledge Tesla's historical ability to achieve ambitious goals [5] Berkshire Hathaway - Berkshire Hathaway reported a nearly 34% increase in operating profit, driven by strong performance in its insurance underwriting business [6] - The company's cash reserves have grown to almost $390 billion, with no buybacks in the recent quarter [6] - Increased investment activity or share repurchases could serve as a catalyst for Berkshire Hathaway's stock in the near term [7] Palantir - Palantir is set to report earnings, with analysts expecting EPS of $0.17 on revenue of $1.09 billion [9] - There is a divergence in analyst opinions, with some expecting the company to exceed revenue expectations due to its AI platform, while others caution that growth must be maintained at a high level to avoid stock repricing [10][11] Market Overview - 83% of S&P 500 companies have reported positive EPS surprises, and 79% have beaten revenue expectations, indicating a strong earnings season [9] - The White House announced plans to eliminate export controls on rare earth and critical minerals, which may impact global supply chains [7] - Tariffs on Chinese imports related to fentanyl will be reduced, effective November 10, which could influence trade dynamics [8]

Core Insights - Sales of all-electric cars in China showed strong performance in October, indicating a robust demand in the market [1] - However, there are emerging signs of weakness that investors should be aware of, suggesting potential challenges ahead [1] Industry Summary - The all-electric vehicle segment in China continues to experience significant sales growth, reflecting the increasing consumer preference for electric vehicles [1] - Despite the strong sales figures, the presence of weakness in certain areas may indicate a shift in market dynamics that could impact future performance [1] Company Summary - Companies operating in the all-electric vehicle market in China may need to reassess their strategies in light of the emerging signs of weakness, which could affect their sales and market positioning [1] - Investors should closely monitor the developments in the all-electric vehicle sector to identify potential risks and opportunities [1]